How are home loans for podiatrists helping professionals set up their future?

September 27, 2018

We have seen enough medical dramas on TV to know about the common classifications among doctors. When we walk into the consultation chamber of our general physician with a nagging pain on our foot or a strange tingling in our toes, we are sure that he or she will refer us to either an orthopedic or a neurologist. However, we are surprised when the GP refers us to a podiatrist.

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If we ignore the words of Dr. Brennan aka Bones, Podiatrists are real doctors! He or she has spent years studying the physiopathology of human feet. Podiatrists are Doctor of Podiatric Medicine (DPM), surgeons and physicians. They are completely capable of treating the ankle, toes, feet and other related issues (of the structures) of the human leg.

Why do we see so few podiatrists?

That is a valid question since many people face stress-related injuries on their legs and feet. Yet, finding a reputable podiatrist may not be easy in all cities and states. There is only a handful few of them on the database. That should make anyone wonder what the reason for the disparity is.

One of the reasons is the expense of becoming a doctor and then specializing in the study of the anatomy, mechanism, injuries, and diseases of the feet. Research shows that the typical medical student graduates with over $290,000 student loan on his or her head. Further specialization takes more money and considerable resources. Most of the doctors have a family by the time they finish residency. They want to move forward with practice and buy a home for their family.

How do podiatrist mortgage loans help?

A Podiatrist mortgage loan is similar to a physician mortgage loan, but only a podiatrist is eligible for it. Unlike a physician home loan, not all medical professionals can apply and qualify for this loan type. Since the podiatrist home loan company does not count the student loan against your debt-to-earnings ratio, being eligible for lucrative rates on jumbo loans is entirely possible.

A podiatrist mortgage loan is also helpful for those moving to a new location in search of a new job. Moreover, you can close 90-days before your new job begins. When the timeframe involves moving from one city or state to another having a steady source of cash like this always helps. You can buy a new home in a new location with the help of these podiatrist mortgage loans.

Who offers home loans to podiatrists?

Several leading banks in the US offer home loans to podiatrists. There are multiple banks in all 50 states that provide mortgage loans to physicians. As a podiatrist, you can also apply for the regular physician and medical professional home loans. However, since the competition is more as compared to that of specialized credits for podiatrists, you might find it a little challenging to qualify. Since doctors have a low rate of defaulting and they are reliable borrowers, almost all banks are keen on lending money to the future millionaires of America.

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